Brown & Brown (Europe) has accomplished the acquisition of 100% of the shares in UK-based insurance coverage dealer Berkeley Insurance coverage for an undisclosed sum.
This marks the primary broking deal executed by the corporate within the UK, subsequent to its rebranding from International Threat Companions in September this yr.
Berkeley has places of work in Edinburgh, Birmingham and London, with headquarters in Leicester to serve mid-market purchasers within the area.
Though Berkeley supplies generalist experience, it has a devoted group for business property and development, monetary dangers, cyber, personal consumer and company consumer insurance coverage strains.
Berkeley will now be part of the UK retail unit of Brown & Brown.
Present Berkeley chairman and CEO Tim Maxted, finance director Jonathan Yeeles, and the administration group and workers of the corporate may also be part of the retail unit.
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The Berkeley model will likely be retained following the acquisition, with the enterprise working from its current places of work, the corporate famous.
Maxted stated: “We’re excited in regards to the subsequent chapter for Berkeley, for our clients and our group, and benefiting from the alternatives from our future partnership with Brown & Brown.”
Brown & Brown additionally plans to include extra options and product strains sooner or later. It is going to execute a commerce credit score by means of Xenia, which is slated to change into a part of the corporate in This autumn.
Additional options in healthcare will likely be included by means of Premier Selection Healthcare, a specialist healthcare enterprise of Brown & Brown.
Brown & Brown Europe CEO Mike Bruce stated: “Berkeley is a wonderful advice-led dealer which, beneath Tim’s management, is characterised by robust natural progress, a transparent technique and a extremely entrepreneurial, revered administration group.”
“It brings plenty of sector, product and proposition capabilities to our retail division within the mid-market buyer section.
“We will likely be seeking to leverage the Berkeley group’s intensive expertise and areas of specialism throughout our UK operations.”
In September 2023, the corporate signed a deal to accumulate UK-based Occam Underwriting.